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BMO Financial Group Reports Third Quarter 2022 Results

News Releases August 30, 2022
News Releases August 30, 2022

 

BMO's Third Quarter 2022 Report to Shareholders, including the unaudited interim consolidated financial statements for the period ended July 31, 2022, is available online at www.bmo.com/investorrelations and at www.sedar.com.

Financial Results Highlights

Third Quarter 2022 Compared with Third Quarter 2021:

  • Net income of $1,365 million, compared with $2,275 million; adjusted net income1,3 of $2,132 million, compared with $2,292 million

  • Reported earnings per share (EPS)2 of $1.95, compared with $3.41; adjusted EPS1,2,3 of $3.09, compared with $3.44

  • Provision for credit losses (PCL) of $136 million, compared with a recovery of the provision for credit losses of $70 million

  • Return on equity (ROE) of 8.8%, compared with 17.5%; adjusted ROE1,3 of 13.8%, compared with 17.6%

  • Common Equity Tier 1 Ratio4 of 15.8%, compared with 13.4%

Year-to-Date 2022 Compared with Year-to-Date 2021:

  • Net income of $9,054 million, compared with $5,595 million; adjusted net income1,3 of $6,903 million, compared with $6,425 million

  • Reported EPS2 of $13.45, compared with $8.35; adjusted EPS1,2,3 of $10.20, compared with $9.63

  • Provision for credit losses of $87 million, compared with a provision of $146 million

  • ROE of 21.1%, compared with 14.5%; adjusted ROE1,3 of 16.0%, compared with 16.7%

TORONTO, Aug. 30, 2022 /CNW/ - For the third quarter ended July 31, 2022, BMO Financial Group (TSX:BMO) (NYSE:BMO) recorded net income of $1,365 million or $1.95 per share on a reported basis, and net income of $2,132 million or $3.09 per share on an adjusted basis.

"Our performance this quarter continued to demonstrate the strength and quality of our diversified business mix, credit excellence and the resilience of our earnings power. We delivered robust loan growth and margin expansion that drove record revenue in our North American personal and commercial businesses, buffering the impact of challenging market conditions on our capital markets businesses," said Darryl White, CEO BMO Financial Group.

FULL REPORT

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